Algonquin Power & Utilities sees $300 million of financings in 2012

By Lisa Kerner

Charlotte, N.C., Nov. 28 - Algonquin Power & Utilities Corp. expects to complete $300 million of financings in the coming year, according to the company's investor day presentation on Monday.

The company delivered on everything it said it would do one year ago regarding the capital structure, chief financial officer David Bronicheski said during the presentation.

The company completed a major capital structure project in June, creating separate balance sheets for Liberty Utilities and Algonquin, the power company.

Financings were completed for both companies, in the amount of $120 million for Liberty and $275 million for Algonquin, said Bronicheski.

In addition, financings totaling $155 million were completed for Algonquin Power & Utilities, resulting in a consolidated balance sheet that is solidly investment grade.

The financing included converting $60 million of series 1A debentures to equity.

With the refinancings, the company has also reduced its foreign exchange exposure, balanced its U.S. assets with its U.S. debt, and eliminated near-term refinancing and interest rate risk while increasing liquidity, Bronicheski said.

The Oakville, Ont.-based electric power and distribution company has $175 million of cash and capital available for 2012.

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